Category Archives: Blockchain, Crypto, ICO Regulations

FCA Regulatory sandbox participants – Cohort 4

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FCA Regulatory Sanbox | Aug 8, 2018

Find out about the 29 businesses that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms.

We received 69 applications for cohort 4 of the regulatory sandbox. Applications came from a diverse range of firms operating across the financial services sector including in areas such as consumer credit, automated advice and insurance.

29 firms have been accepted to develop towards testing, including 3 firms that were accepted as part of previous cohorts but did not proceed to test. Firms that have been accepted to develop towards testing are listed below, except for one firm that has asked not to be named at this point in time.

See:  Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators

We have accepted a number of firms that will be testing propositions relating to cryptoassets. We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks.

Tests will be conducted on a short-term and small-scale basis and the FCA is working with each firm to agree testing parameters and build in appropriate consumer safeguards.

Cohort 4 firms

Description

BlockEx Platform that facilitates the issuance and manages the lifecycle of regulated bonds using DLT.
Capexmove

 

Platform that uses DLT to allow small companies to raise capital in a more efficient and streamlined way.
Chasing Returns

 

Psychology-based risk platform that promotes good money management discipline and improves outcomes for customers that trade Contracts for Difference (CfDs). It acts like a digital coach, encouraging adherence to money management and risk exposure levels.
Community First Credit Union

 

Initiative to facilitate creation of an identity token that supports customers who lack traditional forms of ID, in order to assist them in accessing bank account services in the UK.
Creativity Software

 

RegTech solution that supports regulated activities in the UK to achieve more secure customer authentication via mobile phone network based geolocation services. The intention is to draw on geolocation technology to protect UK bank customers from fraud and crime.
CreditSCRIPT

 

Investment platform that gives professional and institutional investors access to a wide range of online lending markets through a single access point. Investors will be able to gain exposure to consumer, SME and real estate loans via CreditSCRIPT.
Dashly

 

Fully autonomous, ‘always-on’ mortgage advice platform that continuously tracks and compares a borrower’s existing mortgage, alerting them the moment it pays to switch.
Etherisc

 

Service that uses smart contracts on a blockchain to provide fully automated, decentralised flight delay insurance.
Fineqia

 

Blockchain-based digital platform that enables companies to issue and administer debt and equity securities, including bonds backed by cryptoassets.
Fractal

 

Insights platform using distributed ledger and artificial intelligence technology to power SME financing by digitising credit applications and connecting loan issuances to the underlying financial data.
Globacap

 

Capital raising platform for SMEs and institutional investors which facilitates the issuance process of debt and equity securities. Globacap use DLT to simplify and streamline the issuance process.

 

 

Continue to the full cohort --> here

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

FCA Regulatory Sanbox | Aug 8, 2018 Find out about the 29 businesses that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms. We received 69 applications for cohort 4 of the regulatory sandbox. Applications came from a diverse range of firms operating across the financial services sector including in areas such as consumer credit, automated advice and insurance. 29 firms have been accepted to develop towards testing, including 3 firms that were accepted as part of previous cohorts but did not proceed to test. Firms that have been accepted to develop towards testing are listed below, except for one firm that has asked not to be named at this point in time. See:  Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators We have accepted a number of firms that will be testing propositions relating to cryptoassets. We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks. Tests will be conducted on a short-term and small-scale basis and the FCA is working with each firm to agree testing parameters and ...
Read More
FCA Regulatory sandbox participants - Cohort 4
Progressa Release | Aug 14, 2018 TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners. The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019. Ali Pourdad, Progressa’s co-founder and CEO, commented, “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market. Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.” See:  ...
Read More
Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth
CNBC Markets | Kate Rooney  | Jul 24, 2018 Fintech company Square is boosting its small-business lending with an eBay partnership. Square Capital, the lending arm of the payment start-up, will be available to eBay sellers looking to expand their business operations. Starting in the third quarter, merchants on the site can apply for a loan as small as $500 and up to $100,000 to help with everything from payroll and inventory to equipment and marketing, the companies announced Tuesday. Square Capital’s focus since launching in 2014 has been on those businesses historically excluded from the larger financial system. The partnership will offer access to capital for those who have been “underserved when seeking funding” and give U.S. sellers a "seamless funding experience," said Jacqueline Reses, head of Square Capital. See:  What we can learn from Ontario’s $3 million loan to small business Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada Small-business lending is an increasingly competitive area in fintech. PayPal, which was once a part of eBay, has a program called Working Capital and provides loans to merchants based on sales history. Amazon also does this for sellers, and began extending credit to small business owners ...
Read More
Square partners with eBay to expand lending for 'underserved' small businesses
CBC | Rob Antle  | Aug 6, 2018 Agency wants to make sure tax laws are being followed When Ottawa looks at cryptocurrencies like bitcoin, it sees problems. Bitcoin can be difficult to track, and there is the potential for "tax noncompliance" through unreported or under-reported income and capital gains. The Canada Revenue Agency "wants to understand how bitcoin and other cryptocurrencies operate in the traditional economic space to ensure that tax laws are being followed," CRA spokesperson Etienne Biram said in an emailed statement. "It is important to note that using digital currency does not exempt consumers from Canadian tax obligations." So CRA commissioned research on businesses that installed bitcoin automated tellers on their premises. A bitcoin ATM is not actually an ATM; it doesn't provide a connection to a customer's bank account. Rather, it's an internet-linked terminal that allows people to buy and sell bitcoins. See:  Learn about crypto payments - Fintech Fridays Podcast: ep1 with Samir Bandali of CoinPayments According to the study that followed — which surveyed 20 businesses — the taxman wanted to understand why a business would install a bitcoin ATM, along with "the perceived value it brings to businesses and their customers, and attitudes towards tax compliance in the ...
Read More
CRA surveyed businesses to find out why they're taking bitcoin ATMs
NCFA Canada | Craig Asano | Aug 10, 2018 We're excited to announce a new NCFA Podcast series called 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges! FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Nets Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: Amy Wan, Founder & CEO, Sagewise About this episode: On this episode, our host Manseeb Khan sits down with LA legal tech entrepreneur Amy Wan, the CEO/Founder of Sagewise, a smart contracts dispute resolution startup. They talk about why smart contact safety nets are important, the bridge between legal tech and fintech and how Amy closed out her seed round while being pregnant. Enjoy! Subscribe to the channel and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey Everybody Manseeb Khan and you are tuning in to NCFA newest show Fintech Fridays. Today we have an amazing guest. She's a rock star in the industry. Ladies and gentlemen. Amy Wan is with us today. She's the CEO of Sagewise Amy thanks so ...
Read More
FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Net with Amy Wan, CEO & Founder at Sagewise
University of Cambridge and Ivey Business School | by Tania Ziegler and Michael King | Aug 8, 2018 The 2018 Americas survey of alternative finance conducted the University of Cambridge Centre for Alternative Finance is nearing its closing stages. This global survey of crowdfunding and lending via online platforms is the benchmark for the industry, providing the most comprehensive data on this fintech activity.  In Canada, Cambridge is being assisted by their research partners and the Scotiabank Digital Banking Lab at Ivey Business School.  NCFA is a supportive community partner. Leading platforms should have received an email with details on how to complete the survey from either Tania Ziegler at University of Cambridge or Professor Michael King at Ivey. It is vital that platforms participate in order to demonstrate the importance of this sector to Canadians and to policymakers at the federal and provincial levels. King says, “As we look ahead to the completion of the Federal Financal Sector Review early in 2019, this data will be vital for promoting open banking and other initiatives that support Canada’s fintech sector. When platforms opt out, they are effectively telling policymakers that alternative finance is not important and not worthy of the ...
Read More
Cambridge Survey of Alternative Finance Needs Your Participation!
Fortune | Matt Harris | Aug 8, 2018 Matt Harris is a managing director at Bain Capital Ventures. He is consistently ranked as one of the top investors in fintech, having participated in the space since 2000. I’ve been proven wrong once again. For eight years running, I’ve predicted that fintech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in fintech during the first quarter of the year, with no signs of slowing momentum. For perspective, fintech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million. With that said, this whole “fintech” thing is kind of a charade. As I shared with attendees last month during our annual Fintech CEO Summit, co-hosted together with Nyca Partners, the CEOs in our portfolios don’t actually run “fintech businesses.” They run a payments business or a lending business, or they build investing technologies, or they sell to banks or insurance or real estate companies. Regardless of what VCs tell limited partners, or how media cover the industry, ...
Read More
Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
Crowdfund Insider | JD Alois | Aug 7, 2018 The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US, Singapore, Hong Kong, Australian, France and more. FCA Director of Competition, Christopher Woolard, said the creation of GFIN is an important step for the FCA to be able to better understand and harness the benefits of innovation in financial services for consumers, while managing the potential harm. “The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.” The members as announced include: Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF) Australian Securities & Investments Commission (ASIC) Central Bank of Bahrain (CBB) Bureau of Consumer Financial Protection (BCFP, USA) Dubai Financial Services Authority (DFSA) Financial Conduct Authority (FCA, UK) Guernsey Financial Services Commission (GFSC) Hong Kong Monetary Authority (HKMA) Monetary Authority of Singapore (MAS) Ontario Securities Commission (OSC, Canada) Consultative Group to ...
Read More
Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators
Globe and Mail | Aug 8, 2018 The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin. A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.) The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. See:  OSC approves Canada’s first blockchain ETF Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg ...
Read More
Crypto prices sharply down after SEC postpones Bitcoin ETF decision
Digital Journal PR | Aug 7, 2018 ATLANTA--(Business Wire)--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce. “The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.” Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, ...
Read More
Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors

 

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CRA surveyed businesses to find out why they’re taking bitcoin ATMs

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CBC | Rob Antle  | Aug 6, 2018

Agency wants to make sure tax laws are being followed

When Ottawa looks at cryptocurrencies like bitcoin, it sees problems.

Bitcoin can be difficult to track, and there is the potential for "tax noncompliance" through unreported or under-reported income and capital gains.

The Canada Revenue Agency "wants to understand how bitcoin and other cryptocurrencies operate in the traditional economic space to ensure that tax laws are being followed," CRA spokesperson Etienne Biram said in an emailed statement.

"It is important to note that using digital currency does not exempt consumers from Canadian tax obligations."

So CRA commissioned research on businesses that installed bitcoin automated tellers on their premises.

A bitcoin ATM is not actually an ATM; it doesn't provide a connection to a customer's bank account. Rather, it's an internet-linked terminal that allows people to buy and sell bitcoins.

See:  Learn about crypto payments - Fintech Fridays Podcast: ep1 with Samir Bandali of CoinPayments

According to the study that followed — which surveyed 20 businesses — the taxman wanted to understand why a business would install a bitcoin ATM, along with "the perceived value it brings to businesses and their customers, and attitudes towards tax compliance in the crypto-commercial sphere."

Business owners were asked who is using the machines, and why.

A Bitcoin ATM sticker is displayed in the window of a coffee shop in downtown Vancouver in this 2013 file photo. (Jonathan Hayward/CP)

Those businesses reported that most bitcoin ATM users were doing so to invest in the cryptocurrency, which has seen its value yo-yo wildly over the past year.

But some thought others had different reasons.

"Just under half the participants had the impression that some of the bitcoin ATM users were involved in some sort of wrongdoing," the research summary noted.

This was an "impression or suspicion," the document cautioned, and not something the business owners knew for a fact.

"There were two categories of wrongdoing mentioned: suspicion of illicit activities, and suspicion of avoiding tax on legal income," it noted.

Another concern reported by business owners was the machines' potential for bilking innocent parties.

One in four of the businesses surveyed "had intercepted victims at their store and managed to prevent them from being scammed."

The most common scam involved someone pretending to be from the CRA, while another involved a scam artist pretending to be a police officer.

See:  ‘No Coffee for Bitcoin’ Starbucks Clarifies as Media Misinterprets Its New Crypto Venture

Small but growing number of ATMs

The just-published research found that the number of businesses with bitcoin ATMs in Canada is small but growing. Researchers found about 300 such businesses across the country and surveyed 20 of them for the study.

And it shot down a theory that early adopters of these types of machines would be cryptocurrency enthusiasts.

"Most put in the bitcoin ATM simply to try to help their business — the two most common reasons being to increase store traffic and to get some income from the bitcoin ATM operator," the report noted.

That was Peter Aboud's motivation. He said he installed a bitcoin ATM in his Slater Street Market in Ottawa for his customers' "convenience."

"Some people were asking about bitcoin and they contacted us ... and so we just decided to place it for the customers," he said. "And we're obviously going to get something out of the deal. We get some monetary payment every month just for placing the machine. It's not a lot but it's something."

Continue to the full article --> here


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

FCA Regulatory Sanbox | Aug 8, 2018 Find out about the 29 businesses that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms. We received 69 applications for cohort 4 of the regulatory sandbox. Applications came from a diverse range of firms operating across the financial services sector including in areas such as consumer credit, automated advice and insurance. 29 firms have been accepted to develop towards testing, including 3 firms that were accepted as part of previous cohorts but did not proceed to test. Firms that have been accepted to develop towards testing are listed below, except for one firm that has asked not to be named at this point in time. See:  Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators We have accepted a number of firms that will be testing propositions relating to cryptoassets. We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks. Tests will be conducted on a short-term and small-scale basis and the FCA is working with each firm to agree testing parameters and ...
Read More
FCA Regulatory sandbox participants - Cohort 4
Progressa Release | Aug 14, 2018 TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners. The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019. Ali Pourdad, Progressa’s co-founder and CEO, commented, “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market. Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.” See:  ...
Read More
Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth
CNBC Markets | Kate Rooney  | Jul 24, 2018 Fintech company Square is boosting its small-business lending with an eBay partnership. Square Capital, the lending arm of the payment start-up, will be available to eBay sellers looking to expand their business operations. Starting in the third quarter, merchants on the site can apply for a loan as small as $500 and up to $100,000 to help with everything from payroll and inventory to equipment and marketing, the companies announced Tuesday. Square Capital’s focus since launching in 2014 has been on those businesses historically excluded from the larger financial system. The partnership will offer access to capital for those who have been “underserved when seeking funding” and give U.S. sellers a "seamless funding experience," said Jacqueline Reses, head of Square Capital. See:  What we can learn from Ontario’s $3 million loan to small business Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada Small-business lending is an increasingly competitive area in fintech. PayPal, which was once a part of eBay, has a program called Working Capital and provides loans to merchants based on sales history. Amazon also does this for sellers, and began extending credit to small business owners ...
Read More
Square partners with eBay to expand lending for 'underserved' small businesses
CBC | Rob Antle  | Aug 6, 2018 Agency wants to make sure tax laws are being followed When Ottawa looks at cryptocurrencies like bitcoin, it sees problems. Bitcoin can be difficult to track, and there is the potential for "tax noncompliance" through unreported or under-reported income and capital gains. The Canada Revenue Agency "wants to understand how bitcoin and other cryptocurrencies operate in the traditional economic space to ensure that tax laws are being followed," CRA spokesperson Etienne Biram said in an emailed statement. "It is important to note that using digital currency does not exempt consumers from Canadian tax obligations." So CRA commissioned research on businesses that installed bitcoin automated tellers on their premises. A bitcoin ATM is not actually an ATM; it doesn't provide a connection to a customer's bank account. Rather, it's an internet-linked terminal that allows people to buy and sell bitcoins. See:  Learn about crypto payments - Fintech Fridays Podcast: ep1 with Samir Bandali of CoinPayments According to the study that followed — which surveyed 20 businesses — the taxman wanted to understand why a business would install a bitcoin ATM, along with "the perceived value it brings to businesses and their customers, and attitudes towards tax compliance in the ...
Read More
CRA surveyed businesses to find out why they're taking bitcoin ATMs
NCFA Canada | Craig Asano | Aug 10, 2018 We're excited to announce a new NCFA Podcast series called 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges! FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Nets Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: Amy Wan, Founder & CEO, Sagewise About this episode: On this episode, our host Manseeb Khan sits down with LA legal tech entrepreneur Amy Wan, the CEO/Founder of Sagewise, a smart contracts dispute resolution startup. They talk about why smart contact safety nets are important, the bridge between legal tech and fintech and how Amy closed out her seed round while being pregnant. Enjoy! Subscribe to the channel and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey Everybody Manseeb Khan and you are tuning in to NCFA newest show Fintech Fridays. Today we have an amazing guest. She's a rock star in the industry. Ladies and gentlemen. Amy Wan is with us today. She's the CEO of Sagewise Amy thanks so ...
Read More
FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Net with Amy Wan, CEO & Founder at Sagewise
University of Cambridge and Ivey Business School | by Tania Ziegler and Michael King | Aug 8, 2018 The 2018 Americas survey of alternative finance conducted the University of Cambridge Centre for Alternative Finance is nearing its closing stages. This global survey of crowdfunding and lending via online platforms is the benchmark for the industry, providing the most comprehensive data on this fintech activity.  In Canada, Cambridge is being assisted by their research partners and the Scotiabank Digital Banking Lab at Ivey Business School.  NCFA is a supportive community partner. Leading platforms should have received an email with details on how to complete the survey from either Tania Ziegler at University of Cambridge or Professor Michael King at Ivey. It is vital that platforms participate in order to demonstrate the importance of this sector to Canadians and to policymakers at the federal and provincial levels. King says, “As we look ahead to the completion of the Federal Financal Sector Review early in 2019, this data will be vital for promoting open banking and other initiatives that support Canada’s fintech sector. When platforms opt out, they are effectively telling policymakers that alternative finance is not important and not worthy of the ...
Read More
Cambridge Survey of Alternative Finance Needs Your Participation!
Fortune | Matt Harris | Aug 8, 2018 Matt Harris is a managing director at Bain Capital Ventures. He is consistently ranked as one of the top investors in fintech, having participated in the space since 2000. I’ve been proven wrong once again. For eight years running, I’ve predicted that fintech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in fintech during the first quarter of the year, with no signs of slowing momentum. For perspective, fintech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million. With that said, this whole “fintech” thing is kind of a charade. As I shared with attendees last month during our annual Fintech CEO Summit, co-hosted together with Nyca Partners, the CEOs in our portfolios don’t actually run “fintech businesses.” They run a payments business or a lending business, or they build investing technologies, or they sell to banks or insurance or real estate companies. Regardless of what VCs tell limited partners, or how media cover the industry, ...
Read More
Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
Crowdfund Insider | JD Alois | Aug 7, 2018 The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US, Singapore, Hong Kong, Australian, France and more. FCA Director of Competition, Christopher Woolard, said the creation of GFIN is an important step for the FCA to be able to better understand and harness the benefits of innovation in financial services for consumers, while managing the potential harm. “The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.” The members as announced include: Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF) Australian Securities & Investments Commission (ASIC) Central Bank of Bahrain (CBB) Bureau of Consumer Financial Protection (BCFP, USA) Dubai Financial Services Authority (DFSA) Financial Conduct Authority (FCA, UK) Guernsey Financial Services Commission (GFSC) Hong Kong Monetary Authority (HKMA) Monetary Authority of Singapore (MAS) Ontario Securities Commission (OSC, Canada) Consultative Group to ...
Read More
Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators
Globe and Mail | Aug 8, 2018 The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin. A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.) The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. See:  OSC approves Canada’s first blockchain ETF Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg ...
Read More
Crypto prices sharply down after SEC postpones Bitcoin ETF decision
Digital Journal PR | Aug 7, 2018 ATLANTA--(Business Wire)--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce. “The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.” Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, ...
Read More
Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors

 

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Fintech Regulations

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Blockchain and Crypto

Equity Crowdfunding and Fintech Legal Issues

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

FCA Regulatory Sanbox | Aug 8, 2018 Find out about the 29 businesses that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms. We received 69 applications for cohort 4 of the regulatory sandbox. Applications came from a diverse range of firms operating across the financial services sector including in areas such as consumer credit, automated advice and insurance. 29 firms have been accepted to develop towards testing, including 3 firms that were accepted as part of previous cohorts but did not proceed to test. Firms that have been accepted to develop towards testing are listed below, except for one firm that has asked not to be named at this point in time. See:  Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators We have accepted a number of firms that will be testing propositions relating to cryptoassets. We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks. Tests will be conducted on a short-term and small-scale basis and the FCA is working with each firm to agree testing parameters and ...
Read More
FCA Regulatory sandbox participants - Cohort 4
Progressa Release | Aug 14, 2018 TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners. The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019. Ali Pourdad, Progressa’s co-founder and CEO, commented, “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market. Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.” See:  ...
Read More
Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth
CNBC Markets | Kate Rooney  | Jul 24, 2018 Fintech company Square is boosting its small-business lending with an eBay partnership. Square Capital, the lending arm of the payment start-up, will be available to eBay sellers looking to expand their business operations. Starting in the third quarter, merchants on the site can apply for a loan as small as $500 and up to $100,000 to help with everything from payroll and inventory to equipment and marketing, the companies announced Tuesday. Square Capital’s focus since launching in 2014 has been on those businesses historically excluded from the larger financial system. The partnership will offer access to capital for those who have been “underserved when seeking funding” and give U.S. sellers a "seamless funding experience," said Jacqueline Reses, head of Square Capital. See:  What we can learn from Ontario’s $3 million loan to small business Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada Small-business lending is an increasingly competitive area in fintech. PayPal, which was once a part of eBay, has a program called Working Capital and provides loans to merchants based on sales history. Amazon also does this for sellers, and began extending credit to small business owners ...
Read More
Square partners with eBay to expand lending for 'underserved' small businesses
CBC | Rob Antle  | Aug 6, 2018 Agency wants to make sure tax laws are being followed When Ottawa looks at cryptocurrencies like bitcoin, it sees problems. Bitcoin can be difficult to track, and there is the potential for "tax noncompliance" through unreported or under-reported income and capital gains. The Canada Revenue Agency "wants to understand how bitcoin and other cryptocurrencies operate in the traditional economic space to ensure that tax laws are being followed," CRA spokesperson Etienne Biram said in an emailed statement. "It is important to note that using digital currency does not exempt consumers from Canadian tax obligations." So CRA commissioned research on businesses that installed bitcoin automated tellers on their premises. A bitcoin ATM is not actually an ATM; it doesn't provide a connection to a customer's bank account. Rather, it's an internet-linked terminal that allows people to buy and sell bitcoins. See:  Learn about crypto payments - Fintech Fridays Podcast: ep1 with Samir Bandali of CoinPayments According to the study that followed — which surveyed 20 businesses — the taxman wanted to understand why a business would install a bitcoin ATM, along with "the perceived value it brings to businesses and their customers, and attitudes towards tax compliance in the ...
Read More
CRA surveyed businesses to find out why they're taking bitcoin ATMs
NCFA Canada | Craig Asano | Aug 10, 2018 We're excited to announce a new NCFA Podcast series called 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges! FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Nets Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: Amy Wan, Founder & CEO, Sagewise About this episode: On this episode, our host Manseeb Khan sits down with LA legal tech entrepreneur Amy Wan, the CEO/Founder of Sagewise, a smart contracts dispute resolution startup. They talk about why smart contact safety nets are important, the bridge between legal tech and fintech and how Amy closed out her seed round while being pregnant. Enjoy! Subscribe to the channel and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey Everybody Manseeb Khan and you are tuning in to NCFA newest show Fintech Fridays. Today we have an amazing guest. She's a rock star in the industry. Ladies and gentlemen. Amy Wan is with us today. She's the CEO of Sagewise Amy thanks so ...
Read More
FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Net with Amy Wan, CEO & Founder at Sagewise
University of Cambridge and Ivey Business School | by Tania Ziegler and Michael King | Aug 8, 2018 The 2018 Americas survey of alternative finance conducted the University of Cambridge Centre for Alternative Finance is nearing its closing stages. This global survey of crowdfunding and lending via online platforms is the benchmark for the industry, providing the most comprehensive data on this fintech activity.  In Canada, Cambridge is being assisted by their research partners and the Scotiabank Digital Banking Lab at Ivey Business School.  NCFA is a supportive community partner. Leading platforms should have received an email with details on how to complete the survey from either Tania Ziegler at University of Cambridge or Professor Michael King at Ivey. It is vital that platforms participate in order to demonstrate the importance of this sector to Canadians and to policymakers at the federal and provincial levels. King says, “As we look ahead to the completion of the Federal Financal Sector Review early in 2019, this data will be vital for promoting open banking and other initiatives that support Canada’s fintech sector. When platforms opt out, they are effectively telling policymakers that alternative finance is not important and not worthy of the ...
Read More
Cambridge Survey of Alternative Finance Needs Your Participation!
Fortune | Matt Harris | Aug 8, 2018 Matt Harris is a managing director at Bain Capital Ventures. He is consistently ranked as one of the top investors in fintech, having participated in the space since 2000. I’ve been proven wrong once again. For eight years running, I’ve predicted that fintech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in fintech during the first quarter of the year, with no signs of slowing momentum. For perspective, fintech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million. With that said, this whole “fintech” thing is kind of a charade. As I shared with attendees last month during our annual Fintech CEO Summit, co-hosted together with Nyca Partners, the CEOs in our portfolios don’t actually run “fintech businesses.” They run a payments business or a lending business, or they build investing technologies, or they sell to banks or insurance or real estate companies. Regardless of what VCs tell limited partners, or how media cover the industry, ...
Read More
Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
Crowdfund Insider | JD Alois | Aug 7, 2018 The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US, Singapore, Hong Kong, Australian, France and more. FCA Director of Competition, Christopher Woolard, said the creation of GFIN is an important step for the FCA to be able to better understand and harness the benefits of innovation in financial services for consumers, while managing the potential harm. “The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.” The members as announced include: Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF) Australian Securities & Investments Commission (ASIC) Central Bank of Bahrain (CBB) Bureau of Consumer Financial Protection (BCFP, USA) Dubai Financial Services Authority (DFSA) Financial Conduct Authority (FCA, UK) Guernsey Financial Services Commission (GFSC) Hong Kong Monetary Authority (HKMA) Monetary Authority of Singapore (MAS) Ontario Securities Commission (OSC, Canada) Consultative Group to ...
Read More
Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators
Globe and Mail | Aug 8, 2018 The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin. A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.) The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. See:  OSC approves Canada’s first blockchain ETF Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg ...
Read More
Crypto prices sharply down after SEC postpones Bitcoin ETF decision
Digital Journal PR | Aug 7, 2018 ATLANTA--(Business Wire)--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce. “The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.” Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, ...
Read More
Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors

 

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Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators

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Crowdfund Insider | | Aug 7, 2018

The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US, Singapore, Hong Kong, Australian, France and more.

FCA Director of Competition, Christopher Woolard, said the creation of GFIN is an important step for the FCA to be able to better understand and harness the benefits of innovation in financial services for consumers, while managing the potential harm.

“The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.”

The members as announced include:

  1. Abu Dhabi Global Market (ADGM),
  2. Autorité des marchés financiers (AMF)
  3. Australian Securities & Investments Commission (ASIC)
  4. Central Bank of Bahrain (CBB)
  5. Bureau of Consumer Financial Protection (BCFP, USA)
  6. Dubai Financial Services Authority (DFSA)
  7. Financial Conduct Authority (FCA, UK)
  8. Guernsey Financial Services Commission (GFSC)
  9. Hong Kong Monetary Authority (HKMA)
  10. Monetary Authority of Singapore (MAS)
  11. Ontario Securities Commission (OSC, Canada)
  12. Consultative Group to Assist the Poor (CGAP)

As described by the FCA, GFIN will seek to provide “a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.”

See:  Your guide to cryptocurrency regulations around the world and where they are headed

The list of members incorporates most of the leading global regulators when it comes to embracing Fintech innovation with the glaring exception of the US Securities and Exchange Commission which is apparently not participating.

The consultation on GFIN has three main functions:

  • act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models;
  • provide a forum for joint policy work and discussions; and
  • provide firms with an environment in which to trial cross-border solutions.

As part of the exercise, GFIN will seek to draw up a shared mission statement to help guide the principles of the multi-lateral entity.

As financial services are becoming increasingly borderless and digitized, firms are having to manage a plethora of rules and regulations that inevitably add to the cost of services. Providing a vehicle that creates a forum to better align regulatory issues can be beneficial to both government agencies and consumers but this objective is clearly not without challenges.

See:  FCA: Regulating innovation: a global enterprise

The consultation document explains:

“The major emerging innovation trends within financial services are increasingly global, rather than domestic, in nature. For instance, big data, artificial intelligence (AI), and blockchain based solutions are being developed and deployed simultaneously in different financial markets. Since there is a general trend towards developing these digital solutions, now is a time to consider how to begin building new ways to share experience and manage the questions that emerge. Financial services regulators must re-consider existing ways of working and collaborating, in order to balance potential benefits of innovation (for consumers and the financial sector as a whole) with traditional policy objectives, namely financial stability, integrity, financial inclusion, competition and consumer wellbeing and protection.”

This most recent consultation follows a policy move in early 2018 where the FCA broached the concept of a “global sandbox” to better manage Fintech innovation. For that consultation, 50 responses were collected which expressed a “positive sentiment” towards more collaboration. Key themes within the feedback included:

More:  More about Legal Challenges for Regulating Financial Innovation

  • Regulatory co-operation: providing an environment for regulators to collaborate on common challenges or policy questions firms face in different jurisdictions.
  • Regulatory engagement: a space where industry can engage with a broader group of regulatory stakeholders on a single topic or policy question.
  • Speed to international markets: could reduce the time it takes to bring ideas to international markets.
  • Governance: Must be transparent and fair to those potential companies wishing to apply for cross-border testing.
  • Emerging technologies/business models: A wide range of topics and subject matters were highlighted in the feedback, particularly those with notable cross-border application. Among areas highlighted were AI, distributed ledger technology, data protection, regulation of securities and Initial Coin Offerings (ICOs), know your customer (KYC) or anti- money laundering (AML), and green finance.

Continue to the full article --> here


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

FCA Regulatory Sanbox | Aug 8, 2018 Find out about the 29 businesses that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms. We received 69 applications for cohort 4 of the regulatory sandbox. Applications came from a diverse range of firms operating across the financial services sector including in areas such as consumer credit, automated advice and insurance. 29 firms have been accepted to develop towards testing, including 3 firms that were accepted as part of previous cohorts but did not proceed to test. Firms that have been accepted to develop towards testing are listed below, except for one firm that has asked not to be named at this point in time. See:  Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators We have accepted a number of firms that will be testing propositions relating to cryptoassets. We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks. Tests will be conducted on a short-term and small-scale basis and the FCA is working with each firm to agree testing parameters and ...
Read More
FCA Regulatory sandbox participants - Cohort 4
Progressa Release | Aug 14, 2018 TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners. The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019. Ali Pourdad, Progressa’s co-founder and CEO, commented, “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market. Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.” See:  ...
Read More
Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth
CNBC Markets | Kate Rooney  | Jul 24, 2018 Fintech company Square is boosting its small-business lending with an eBay partnership. Square Capital, the lending arm of the payment start-up, will be available to eBay sellers looking to expand their business operations. Starting in the third quarter, merchants on the site can apply for a loan as small as $500 and up to $100,000 to help with everything from payroll and inventory to equipment and marketing, the companies announced Tuesday. Square Capital’s focus since launching in 2014 has been on those businesses historically excluded from the larger financial system. The partnership will offer access to capital for those who have been “underserved when seeking funding” and give U.S. sellers a "seamless funding experience," said Jacqueline Reses, head of Square Capital. See:  What we can learn from Ontario’s $3 million loan to small business Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada Small-business lending is an increasingly competitive area in fintech. PayPal, which was once a part of eBay, has a program called Working Capital and provides loans to merchants based on sales history. Amazon also does this for sellers, and began extending credit to small business owners ...
Read More
Square partners with eBay to expand lending for 'underserved' small businesses
CBC | Rob Antle  | Aug 6, 2018 Agency wants to make sure tax laws are being followed When Ottawa looks at cryptocurrencies like bitcoin, it sees problems. Bitcoin can be difficult to track, and there is the potential for "tax noncompliance" through unreported or under-reported income and capital gains. The Canada Revenue Agency "wants to understand how bitcoin and other cryptocurrencies operate in the traditional economic space to ensure that tax laws are being followed," CRA spokesperson Etienne Biram said in an emailed statement. "It is important to note that using digital currency does not exempt consumers from Canadian tax obligations." So CRA commissioned research on businesses that installed bitcoin automated tellers on their premises. A bitcoin ATM is not actually an ATM; it doesn't provide a connection to a customer's bank account. Rather, it's an internet-linked terminal that allows people to buy and sell bitcoins. See:  Learn about crypto payments - Fintech Fridays Podcast: ep1 with Samir Bandali of CoinPayments According to the study that followed — which surveyed 20 businesses — the taxman wanted to understand why a business would install a bitcoin ATM, along with "the perceived value it brings to businesses and their customers, and attitudes towards tax compliance in the ...
Read More
CRA surveyed businesses to find out why they're taking bitcoin ATMs
NCFA Canada | Craig Asano | Aug 10, 2018 We're excited to announce a new NCFA Podcast series called 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges! FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Nets Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: Amy Wan, Founder & CEO, Sagewise About this episode: On this episode, our host Manseeb Khan sits down with LA legal tech entrepreneur Amy Wan, the CEO/Founder of Sagewise, a smart contracts dispute resolution startup. They talk about why smart contact safety nets are important, the bridge between legal tech and fintech and how Amy closed out her seed round while being pregnant. Enjoy! Subscribe to the channel and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey Everybody Manseeb Khan and you are tuning in to NCFA newest show Fintech Fridays. Today we have an amazing guest. She's a rock star in the industry. Ladies and gentlemen. Amy Wan is with us today. She's the CEO of Sagewise Amy thanks so ...
Read More
FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Net with Amy Wan, CEO & Founder at Sagewise
University of Cambridge and Ivey Business School | by Tania Ziegler and Michael King | Aug 8, 2018 The 2018 Americas survey of alternative finance conducted the University of Cambridge Centre for Alternative Finance is nearing its closing stages. This global survey of crowdfunding and lending via online platforms is the benchmark for the industry, providing the most comprehensive data on this fintech activity.  In Canada, Cambridge is being assisted by their research partners and the Scotiabank Digital Banking Lab at Ivey Business School.  NCFA is a supportive community partner. Leading platforms should have received an email with details on how to complete the survey from either Tania Ziegler at University of Cambridge or Professor Michael King at Ivey. It is vital that platforms participate in order to demonstrate the importance of this sector to Canadians and to policymakers at the federal and provincial levels. King says, “As we look ahead to the completion of the Federal Financal Sector Review early in 2019, this data will be vital for promoting open banking and other initiatives that support Canada’s fintech sector. When platforms opt out, they are effectively telling policymakers that alternative finance is not important and not worthy of the ...
Read More
Cambridge Survey of Alternative Finance Needs Your Participation!
Fortune | Matt Harris | Aug 8, 2018 Matt Harris is a managing director at Bain Capital Ventures. He is consistently ranked as one of the top investors in fintech, having participated in the space since 2000. I’ve been proven wrong once again. For eight years running, I’ve predicted that fintech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in fintech during the first quarter of the year, with no signs of slowing momentum. For perspective, fintech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million. With that said, this whole “fintech” thing is kind of a charade. As I shared with attendees last month during our annual Fintech CEO Summit, co-hosted together with Nyca Partners, the CEOs in our portfolios don’t actually run “fintech businesses.” They run a payments business or a lending business, or they build investing technologies, or they sell to banks or insurance or real estate companies. Regardless of what VCs tell limited partners, or how media cover the industry, ...
Read More
Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
Crowdfund Insider | JD Alois | Aug 7, 2018 The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US, Singapore, Hong Kong, Australian, France and more. FCA Director of Competition, Christopher Woolard, said the creation of GFIN is an important step for the FCA to be able to better understand and harness the benefits of innovation in financial services for consumers, while managing the potential harm. “The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.” The members as announced include: Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF) Australian Securities & Investments Commission (ASIC) Central Bank of Bahrain (CBB) Bureau of Consumer Financial Protection (BCFP, USA) Dubai Financial Services Authority (DFSA) Financial Conduct Authority (FCA, UK) Guernsey Financial Services Commission (GFSC) Hong Kong Monetary Authority (HKMA) Monetary Authority of Singapore (MAS) Ontario Securities Commission (OSC, Canada) Consultative Group to ...
Read More
Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators
Globe and Mail | Aug 8, 2018 The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin. A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.) The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. See:  OSC approves Canada’s first blockchain ETF Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg ...
Read More
Crypto prices sharply down after SEC postpones Bitcoin ETF decision
Digital Journal PR | Aug 7, 2018 ATLANTA--(Business Wire)--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce. “The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.” Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, ...
Read More
Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors

 

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Crypto prices sharply down after SEC postpones Bitcoin ETF decision

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Globe and Mail | Aug 8, 2018

The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin.

A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.)

The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation.

Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg composite pricing. Ripple slumped 10 percent while Ether and Litecoin sank at least 4.7 percent. All but two of the 100 biggest virtual currencies tracked by Coinmarketcap.com slumped over the past 24 hours.

The SEC now has until Sept. 30 to “approve or disapprove, or institute proceedings to determine whether to disapprove” a proposed rule change from Cboe Global Markets Inc. that would allow the listing of an ETF from VanEck Associates Corp. and SolidX Partners Inc., the regulator said in a statement. An initial deadline was due to expire next week.

The regulator denied an exchange’s request to list a similar fund run by Tyler and Cameron Winklevoss late last month. Some had argued that VanEck’s proposal was more likely to gain approval thanks in part to plans for a high minimum share price that would discourage retail investors. The SEC received more than 1,300 comments on the proposed rule change as of Aug. 6, it said.

Continue to the full article --> here


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

FCA Regulatory Sanbox | Aug 8, 2018 Find out about the 29 businesses that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms. We received 69 applications for cohort 4 of the regulatory sandbox. Applications came from a diverse range of firms operating across the financial services sector including in areas such as consumer credit, automated advice and insurance. 29 firms have been accepted to develop towards testing, including 3 firms that were accepted as part of previous cohorts but did not proceed to test. Firms that have been accepted to develop towards testing are listed below, except for one firm that has asked not to be named at this point in time. See:  Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators We have accepted a number of firms that will be testing propositions relating to cryptoassets. We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks. Tests will be conducted on a short-term and small-scale basis and the FCA is working with each firm to agree testing parameters and ...
Read More
FCA Regulatory sandbox participants - Cohort 4
Progressa Release | Aug 14, 2018 TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners. The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019. Ali Pourdad, Progressa’s co-founder and CEO, commented, “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market. Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.” See:  ...
Read More
Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth
CNBC Markets | Kate Rooney  | Jul 24, 2018 Fintech company Square is boosting its small-business lending with an eBay partnership. Square Capital, the lending arm of the payment start-up, will be available to eBay sellers looking to expand their business operations. Starting in the third quarter, merchants on the site can apply for a loan as small as $500 and up to $100,000 to help with everything from payroll and inventory to equipment and marketing, the companies announced Tuesday. Square Capital’s focus since launching in 2014 has been on those businesses historically excluded from the larger financial system. The partnership will offer access to capital for those who have been “underserved when seeking funding” and give U.S. sellers a "seamless funding experience," said Jacqueline Reses, head of Square Capital. See:  What we can learn from Ontario’s $3 million loan to small business Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada Small-business lending is an increasingly competitive area in fintech. PayPal, which was once a part of eBay, has a program called Working Capital and provides loans to merchants based on sales history. Amazon also does this for sellers, and began extending credit to small business owners ...
Read More
Square partners with eBay to expand lending for 'underserved' small businesses
CBC | Rob Antle  | Aug 6, 2018 Agency wants to make sure tax laws are being followed When Ottawa looks at cryptocurrencies like bitcoin, it sees problems. Bitcoin can be difficult to track, and there is the potential for "tax noncompliance" through unreported or under-reported income and capital gains. The Canada Revenue Agency "wants to understand how bitcoin and other cryptocurrencies operate in the traditional economic space to ensure that tax laws are being followed," CRA spokesperson Etienne Biram said in an emailed statement. "It is important to note that using digital currency does not exempt consumers from Canadian tax obligations." So CRA commissioned research on businesses that installed bitcoin automated tellers on their premises. A bitcoin ATM is not actually an ATM; it doesn't provide a connection to a customer's bank account. Rather, it's an internet-linked terminal that allows people to buy and sell bitcoins. See:  Learn about crypto payments - Fintech Fridays Podcast: ep1 with Samir Bandali of CoinPayments According to the study that followed — which surveyed 20 businesses — the taxman wanted to understand why a business would install a bitcoin ATM, along with "the perceived value it brings to businesses and their customers, and attitudes towards tax compliance in the ...
Read More
CRA surveyed businesses to find out why they're taking bitcoin ATMs
NCFA Canada | Craig Asano | Aug 10, 2018 We're excited to announce a new NCFA Podcast series called 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges! FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Nets Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: Amy Wan, Founder & CEO, Sagewise About this episode: On this episode, our host Manseeb Khan sits down with LA legal tech entrepreneur Amy Wan, the CEO/Founder of Sagewise, a smart contracts dispute resolution startup. They talk about why smart contact safety nets are important, the bridge between legal tech and fintech and how Amy closed out her seed round while being pregnant. Enjoy! Subscribe to the channel and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey Everybody Manseeb Khan and you are tuning in to NCFA newest show Fintech Fridays. Today we have an amazing guest. She's a rock star in the industry. Ladies and gentlemen. Amy Wan is with us today. She's the CEO of Sagewise Amy thanks so ...
Read More
FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Net with Amy Wan, CEO & Founder at Sagewise
University of Cambridge and Ivey Business School | by Tania Ziegler and Michael King | Aug 8, 2018 The 2018 Americas survey of alternative finance conducted the University of Cambridge Centre for Alternative Finance is nearing its closing stages. This global survey of crowdfunding and lending via online platforms is the benchmark for the industry, providing the most comprehensive data on this fintech activity.  In Canada, Cambridge is being assisted by their research partners and the Scotiabank Digital Banking Lab at Ivey Business School.  NCFA is a supportive community partner. Leading platforms should have received an email with details on how to complete the survey from either Tania Ziegler at University of Cambridge or Professor Michael King at Ivey. It is vital that platforms participate in order to demonstrate the importance of this sector to Canadians and to policymakers at the federal and provincial levels. King says, “As we look ahead to the completion of the Federal Financal Sector Review early in 2019, this data will be vital for promoting open banking and other initiatives that support Canada’s fintech sector. When platforms opt out, they are effectively telling policymakers that alternative finance is not important and not worthy of the ...
Read More
Cambridge Survey of Alternative Finance Needs Your Participation!
Fortune | Matt Harris | Aug 8, 2018 Matt Harris is a managing director at Bain Capital Ventures. He is consistently ranked as one of the top investors in fintech, having participated in the space since 2000. I’ve been proven wrong once again. For eight years running, I’ve predicted that fintech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in fintech during the first quarter of the year, with no signs of slowing momentum. For perspective, fintech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million. With that said, this whole “fintech” thing is kind of a charade. As I shared with attendees last month during our annual Fintech CEO Summit, co-hosted together with Nyca Partners, the CEOs in our portfolios don’t actually run “fintech businesses.” They run a payments business or a lending business, or they build investing technologies, or they sell to banks or insurance or real estate companies. Regardless of what VCs tell limited partners, or how media cover the industry, ...
Read More
Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
Crowdfund Insider | JD Alois | Aug 7, 2018 The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US, Singapore, Hong Kong, Australian, France and more. FCA Director of Competition, Christopher Woolard, said the creation of GFIN is an important step for the FCA to be able to better understand and harness the benefits of innovation in financial services for consumers, while managing the potential harm. “The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.” The members as announced include: Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF) Australian Securities & Investments Commission (ASIC) Central Bank of Bahrain (CBB) Bureau of Consumer Financial Protection (BCFP, USA) Dubai Financial Services Authority (DFSA) Financial Conduct Authority (FCA, UK) Guernsey Financial Services Commission (GFSC) Hong Kong Monetary Authority (HKMA) Monetary Authority of Singapore (MAS) Ontario Securities Commission (OSC, Canada) Consultative Group to ...
Read More
Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators
Globe and Mail | Aug 8, 2018 The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin. A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.) The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. See:  OSC approves Canada’s first blockchain ETF Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg ...
Read More
Crypto prices sharply down after SEC postpones Bitcoin ETF decision
Digital Journal PR | Aug 7, 2018 ATLANTA--(Business Wire)--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce. “The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.” Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, ...
Read More
Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors

 

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Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”

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Crowdfund Insider | | Jul 18, 2018

The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation.

In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone.

As previously reported, the list of witnesses included the following individuals;

  • Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara
  • Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation
  • Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution
  • Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute

Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world.

See:  The forces of change are trumping banks and regulators

Subcommittee Chairman Andy Barr issued a statement following the hearing, which was unfortunately cut short due to votes on the Hill. Representative Barr stated;

“Today, the subcommittee examined the potential impact of digital currency on the future of our financial system. From its viability as an alternative, to traditional currencies, to its potential adoption by central banks, to its possible impact on monetary policy, it is important Congress carefully study every aspect of this new technology.”

In prepared testimony, Dr. Garratt pointed to the decline of paper money and the shift to digital transactions. He posited;

“It seems likely that the use of cash for transactions will continue to fall and it is worth noting that there is tipping point at which even if customers seek to use cash, businesses and banks will not want to deal with it.”

So what happens when cash is no more (or nearly no more)? Garratt believes there is a possibility that consumers may turn to “privately issued cryptocurrencies” thus implying a need to move first and have central banks issue digital currency.

Dr. Michel, who previously co-authored a paper on the need to enable competition between currencies – whether they are crypto or not, reaffirmed this belief;

“… it is possible that Bitcoin (or other cryptocurrencies) eventually will be widely accepted and recognized as money. It is certainly difficult to imagine a cryptocurrency replacing the U.S. dollar as long as the Federal Reserve acts as a moderately good steward of the national currency, but it is for this very reason that Congress should eliminate barriers that impede people from using their preferred medium of exchange,” said Michel. “Competitive market forces can improve the means of payment in the same way that market forces improve virtually all goods and services, and Congress should not protect the Federal Reserve from those competitive forces.”

Pollock quoted Hayek in his remarks. Sympathizing with the famous economist;

“Why should we not let people choose freely what money they want to use? … I have no objection to governments issuing money, but I believe their claim to a monopoly, or their power to limit the kinds of money in which contracts may be concluded within their territory, or to determine the rates at which monies can be exchanged, to be wholly harmful. … I hope it will not be too long before complete freedom to deal in any money one likes will be regarded as the essential mark of a free country.”

While adding he did not expect a “revolution in the international monetary system,” Dr. Prasad stated;

“While reserve currencies might not be challenged as stores of value, digital versions of extant reserve currencies and improved cross-border transaction channels could intensify competition among reserve currencies themselves.”

Check out:  ‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics

Subcommittee members were clearly mixed in their opinion. Representative Foster said that a central bank that issues a central bank cryptocurrency could supplant the dollar as the supreme currency around the world.

“We have to be prepared to respond to that threat,” said Foster. “The issue of anonymity is at the heart of this.”

Representative Sherman, a consistently anti-crypto politician, said there is nothing that can be done with cryptocurrency that cannot be done with sovereign currency.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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FCA Regulatory Sanbox | Aug 8, 2018 Find out about the 29 businesses that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms. We received 69 applications for cohort 4 of the regulatory sandbox. Applications came from a diverse range of firms operating across the financial services sector including in areas such as consumer credit, automated advice and insurance. 29 firms have been accepted to develop towards testing, including 3 firms that were accepted as part of previous cohorts but did not proceed to test. Firms that have been accepted to develop towards testing are listed below, except for one firm that has asked not to be named at this point in time. See:  Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators We have accepted a number of firms that will be testing propositions relating to cryptoassets. We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks. Tests will be conducted on a short-term and small-scale basis and the FCA is working with each firm to agree testing parameters and ...
Read More
FCA Regulatory sandbox participants - Cohort 4
Progressa Release | Aug 14, 2018 TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners. The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019. Ali Pourdad, Progressa’s co-founder and CEO, commented, “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market. Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.” See:  ...
Read More
Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth
CNBC Markets | Kate Rooney  | Jul 24, 2018 Fintech company Square is boosting its small-business lending with an eBay partnership. Square Capital, the lending arm of the payment start-up, will be available to eBay sellers looking to expand their business operations. Starting in the third quarter, merchants on the site can apply for a loan as small as $500 and up to $100,000 to help with everything from payroll and inventory to equipment and marketing, the companies announced Tuesday. Square Capital’s focus since launching in 2014 has been on those businesses historically excluded from the larger financial system. The partnership will offer access to capital for those who have been “underserved when seeking funding” and give U.S. sellers a "seamless funding experience," said Jacqueline Reses, head of Square Capital. See:  What we can learn from Ontario’s $3 million loan to small business Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada Small-business lending is an increasingly competitive area in fintech. PayPal, which was once a part of eBay, has a program called Working Capital and provides loans to merchants based on sales history. Amazon also does this for sellers, and began extending credit to small business owners ...
Read More
Square partners with eBay to expand lending for 'underserved' small businesses
CBC | Rob Antle  | Aug 6, 2018 Agency wants to make sure tax laws are being followed When Ottawa looks at cryptocurrencies like bitcoin, it sees problems. Bitcoin can be difficult to track, and there is the potential for "tax noncompliance" through unreported or under-reported income and capital gains. The Canada Revenue Agency "wants to understand how bitcoin and other cryptocurrencies operate in the traditional economic space to ensure that tax laws are being followed," CRA spokesperson Etienne Biram said in an emailed statement. "It is important to note that using digital currency does not exempt consumers from Canadian tax obligations." So CRA commissioned research on businesses that installed bitcoin automated tellers on their premises. A bitcoin ATM is not actually an ATM; it doesn't provide a connection to a customer's bank account. Rather, it's an internet-linked terminal that allows people to buy and sell bitcoins. See:  Learn about crypto payments - Fintech Fridays Podcast: ep1 with Samir Bandali of CoinPayments According to the study that followed — which surveyed 20 businesses — the taxman wanted to understand why a business would install a bitcoin ATM, along with "the perceived value it brings to businesses and their customers, and attitudes towards tax compliance in the ...
Read More
CRA surveyed businesses to find out why they're taking bitcoin ATMs
NCFA Canada | Craig Asano | Aug 10, 2018 We're excited to announce a new NCFA Podcast series called 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges! FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Nets Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: Amy Wan, Founder & CEO, Sagewise About this episode: On this episode, our host Manseeb Khan sits down with LA legal tech entrepreneur Amy Wan, the CEO/Founder of Sagewise, a smart contracts dispute resolution startup. They talk about why smart contact safety nets are important, the bridge between legal tech and fintech and how Amy closed out her seed round while being pregnant. Enjoy! Subscribe to the channel and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey Everybody Manseeb Khan and you are tuning in to NCFA newest show Fintech Fridays. Today we have an amazing guest. She's a rock star in the industry. Ladies and gentlemen. Amy Wan is with us today. She's the CEO of Sagewise Amy thanks so ...
Read More
FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Net with Amy Wan, CEO & Founder at Sagewise
University of Cambridge and Ivey Business School | by Tania Ziegler and Michael King | Aug 8, 2018 The 2018 Americas survey of alternative finance conducted the University of Cambridge Centre for Alternative Finance is nearing its closing stages. This global survey of crowdfunding and lending via online platforms is the benchmark for the industry, providing the most comprehensive data on this fintech activity.  In Canada, Cambridge is being assisted by their research partners and the Scotiabank Digital Banking Lab at Ivey Business School.  NCFA is a supportive community partner. Leading platforms should have received an email with details on how to complete the survey from either Tania Ziegler at University of Cambridge or Professor Michael King at Ivey. It is vital that platforms participate in order to demonstrate the importance of this sector to Canadians and to policymakers at the federal and provincial levels. King says, “As we look ahead to the completion of the Federal Financal Sector Review early in 2019, this data will be vital for promoting open banking and other initiatives that support Canada’s fintech sector. When platforms opt out, they are effectively telling policymakers that alternative finance is not important and not worthy of the ...
Read More
Cambridge Survey of Alternative Finance Needs Your Participation!
Fortune | Matt Harris | Aug 8, 2018 Matt Harris is a managing director at Bain Capital Ventures. He is consistently ranked as one of the top investors in fintech, having participated in the space since 2000. I’ve been proven wrong once again. For eight years running, I’ve predicted that fintech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in fintech during the first quarter of the year, with no signs of slowing momentum. For perspective, fintech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million. With that said, this whole “fintech” thing is kind of a charade. As I shared with attendees last month during our annual Fintech CEO Summit, co-hosted together with Nyca Partners, the CEOs in our portfolios don’t actually run “fintech businesses.” They run a payments business or a lending business, or they build investing technologies, or they sell to banks or insurance or real estate companies. Regardless of what VCs tell limited partners, or how media cover the industry, ...
Read More
Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
Crowdfund Insider | JD Alois | Aug 7, 2018 The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US, Singapore, Hong Kong, Australian, France and more. FCA Director of Competition, Christopher Woolard, said the creation of GFIN is an important step for the FCA to be able to better understand and harness the benefits of innovation in financial services for consumers, while managing the potential harm. “The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.” The members as announced include: Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF) Australian Securities & Investments Commission (ASIC) Central Bank of Bahrain (CBB) Bureau of Consumer Financial Protection (BCFP, USA) Dubai Financial Services Authority (DFSA) Financial Conduct Authority (FCA, UK) Guernsey Financial Services Commission (GFSC) Hong Kong Monetary Authority (HKMA) Monetary Authority of Singapore (MAS) Ontario Securities Commission (OSC, Canada) Consultative Group to ...
Read More
Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators
Globe and Mail | Aug 8, 2018 The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin. A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.) The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. See:  OSC approves Canada’s first blockchain ETF Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg ...
Read More
Crypto prices sharply down after SEC postpones Bitcoin ETF decision
Digital Journal PR | Aug 7, 2018 ATLANTA--(Business Wire)--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce. “The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.” Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, ...
Read More
Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors

 

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Ontario Securities Commission “Doesn’t Really Know What’s Going On” in Blockchain Fintech, Says Lawyer

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Crowdfund Insider | | Jul 9, 2018

The Ontario Securities Commission (OSC) published its 2018-2019 “Statement of Priorities” June 5th, but the document provides zero helpful guidance to Ontario companies trying to engage with cutting-edge blockchain-based financial technologies, says Toronto-based blockchain lawyer Amy ter Haar.

The “OSC…Statement of Priorities for the Financial Year to End March 31, 2019” restates the commission’s ongoing commitment to investor protection, reduction of regulatory burden and the enhancement of staffing diversity.

But according to ter Haar, when it comes to areas like ICOs (Initial Coin Offerings), “tokenized securities” and blockchain for fintech, the agency is painfully vague.

“The entire investment community is looking to the OSC and CSA for guidance around blockchain and cryptocurrencies and it is disappointing that this hasn’t been highlighted as a priority,” wrote a frustrated Ter Haar via LinkedIN.

While it is clear from the “Statement of Priorities” that the OSC has many concerns in its purview, the document’s reliance on fuzzy platitudes regarding Fintech suggests sluggishness at commission and the downright neglect of a growth industry supercharging across the globe:

“There are two sides to industry health. Investor protection is just one side of it…However we categorize cryptocurrencies and tokenized assets, (they) will inform and shape securities regulation (in) the 21st century and influence the health of the entire industry. I can’t believe it isn’t identified as a strategic priority.”

Ter Haar is very clear about what’s needed. “We need KPIs (Key Performance Indicators) for all new and existing regulations (designed to protect ICO investors). We need a purpose and reporting model.”

Besides the trading of “crypto assets,” which is well underway globally, transnational industrial blockchains are being proposed to help manage complex supply chains and trade finance routes. Some are envisioning “self-sovereign identity” blockchains and systems for health records, with all these systems seeking to trot their innovations stealthily across jurisdictions.

The possibilities and risks are many, and regulators must stride in and get their hands dirty for the good of the citizenry.

“Blockchains, as cross-border networks, are not yet regulated by international or national laws. As long as data is managed on a global decentralized network, the protection and security concerns are numerous — especially in places with more autocratic governments, less corporate regulation, and populations already in peril – and this, in turn can impact Canadians,” says Ter Haar.

The entire investment community is looking to the OSC and CSA for guidance around #blockchain and cryptocurrencies and it is disappointing that this hasn’t been highlighted as a priority

It is a of time exponential change that calls for extraordinary leadership, and without precise, informed and visionary action, the OSC could even falter on its basic commitment to investor protection:

“With the ongoing blurring lines between the real and digital world, there have been increasing concerns of data ownership and access to services. With all of these innovations, there needs to be adequate protections in place to protect investors.”

More:  NCFA Response to OSC's statement of Priorities (Year end March 2019)

For Ter Haar, the OSC’s report on its own priorities is quite damning:

“I’m generally supportive of the overall direction of the OSC goals and proposed priorities…(However) provincial, state-level and international policy networks need to adapt and allow for innovations while providing adequate legislation that provides a base-level guidance on what can and can’t be accomplished with blockchain. I wish the OSC would lead the way but without naming this as a strategic priority, it just simply won’t happen and I wish it would. I can only conclude that they don’t really know what’s going on – which is really quite scary because if it isn’t their business and mandate to know, I don’t know whose it is.”

I wish the OSC would lead the way but without naming this as a strategic priority, it just simply won’t happen and I wish it would. I can only conclude that they don’t really know what’s going on

Editor’s Note: The OSC is not alone in its struggle to regulate the era of digital assets. The USA, for one, has only slowly outlined a regulatory approach to cryptocurrencies and the issuance of securities on blockchain. Today, in the US, it is generally accepted that all digital assets are regulated by existing securities law, but questions remain as to whether current rules need to be updated to better accommodate this type of Fintech innovation.

Some other countries have selected a path of creating a jurisdiction of preference for ICOs (or perhaps security tokens). Switzerland is regaining some of its financial luster as the Swiss Financial Market Supervisory Authority (FINMA) has partnered with the blockchain industry to encourage change. This past week, SIX Group – the parent company of the Swiss Stock Exchange – announced the launch of a regulated digital assets exchange. France has revealed its intent to embrace digital assets as well. Bespoke regulation is in the works and should become law by early 2019. Of course, Malta has recently passed legislation designed to boost blockchain innovation on the EU island nation.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

 

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